So, you’ve seen everyone in social and mainstream media talk about how cryptocurrencies and Bitcoin are revolutionizing whole industries, and you’re wondering how you can make them work for you?
Maybe you’ve even got a little Bitcoin stashed away and you’re now wondering whether betting with it is actually safer than traditional gambling.
Good news! The betting industry is already taking strides to make use of this revolutionary technology to provide you with even greater benefits!
While not many punters are familiar with Bitcoin betting yet, blockchain allows betting sites to offer you greater security, confidentiality, and lightning-fast transactions!
This article aims to inform you why Bitcoin betting is safe, how exactly betting with Bitcoin assures safety, and much more.
So, read on!
Is Bitcoin Betting Safe?
With over 11,000 cryptocurrencies in existence at the time of writing and more being created every day, critics claim that the space is very easy to get lost in; yet the top blockchains, among which Bitcoin is the best known and most used, are extremely decentralized.
Bitcoin as a Proof-of-Work blockchain, which is ‘mined’ via millions of computers solving complex cryptographic problems, is popularly considered vulnerable to only two things: Quantum computing and a 51% attack.
The former is the better part of a decade away technologically, while the latter would require an attacker to control a majority of the computing power dedicated to mining Bitcoin, the sheer size of which is unavailable to even nation-states.
With the safety of Bitcoin and its blockchain now assured, the question of whether Bitcoin betting itself is safe can be answered easily, and an argument can be made that it is indeed safer than conventional betting!
Here are all the elements that make it so:
When you make a payment to a bookmaker using Bitcoin, all anyone knows about you is the public key of the wallet from which you made the payment.
This is as designed, offering transparency and yet only displaying a string of characters that make up your wallet.
This means that anyone who views this transaction knows nothing about you, who you are, where you live, or anything else. As such, you can rest easy knowing that none of your confidential information has been shared with anyone!
This is in stark contrast to the traditional financial system, where your information is at severe risk given that it is stored with multiple parties and therefore vulnerable to hacks or breaches.
With traditional betting, you were forced to deal with banks and all the traditional methods of payment and withdrawals. You can stop worrying about all of that now when you use Bitcoin for your betting!
While credit card systems and other services do promise instant payment for a fee, they actually take a long time to complete the settlement of funds behind the scenes.
Bitcoin, however, is extremely fast and transactions are fully settled within minutes!
Cryptocurrency users, especially those who store their coins in their own off-exchange wallets, electronic or otherwise, are well aware that keeping track of their wallet information and login details is of the utmost importance.
Without these particulars, from login information to wallet private keys, payments simply can’t be made and thus serves as a layer of additional security.
Bitcoin is highly decentralized, given that it is mined by millions of computers all over the world.
A majority of these mining computers have to agree to validate transactions, which means an attacker would have to take over a vast number of computers in thousands of locations all over the world simultaneously.
This makes the Bitcoin blockchain extremely secure, and as adoption grows with each passing day, Bitcoin just keeps getting safer and safer.
When a payment or transaction is made on the Bitcoin blockchain and then validated, it can’t then be rolled back or canceled.
This basic blockchain feature, referred to as ‘immutability’, protects punters who may be wary of the traditional finance system where payments can be rolled back, tampered with, or just disappear into the void.
Why Do Bitcoin Betting – 3 Bitcoin Betting Benefits
Now that you know exactly what makes Bitcoin betting safe, take a look at 3 Bitcoin betting benefits that you can never get from traditional betting:
- Be Your Own Bank. One of the biggest benefits of betting with Bitcoin is that users can stay well clear of the banking system. While some sites may require KYC (Know Your Customer) protocols, using cryptocurrencies means remaining independent and in full control of one’s own funds.
- Fast, Extremely Secure Transactions. While the traditional banking system requires a significant amount of time for funds to settle and clear, cryptocurrencies are extremely fast, with several blockchains settling transactions almost instantly and Bitcoin taking no more than a few minutes.
- Immutable Public Ledger. Once payment via a bank is made, the customer or punter loses all visibility of where their funds are and what’s happening to them, and they simply have to trust the system that their funds will eventually clear. On the blockchain, all transactions can be tracked and are secured via a consensus, disabling third parties’ ability to roll back transactions, electronically interfere or otherwise sully the waters.
12 Best Bitcoin Betting Websites
How to Bet With Bitcoin
While plenty of platforms on the market offer the ability to bet with Bitcoin, actually doing so remains a subject of some trepidation for the average punter.
Fortunately, it doesn’t take lots of effort to use one’s cryptocurrency on these platforms, and for this quick guide, we’ll use our number one pick, BetOnline, as an example:
- Set up and get comfortable with your Bitcoin wallet. For many users, this could simply be an account with any reputable cryptocurrency exchange, but some choose to self-custody their cryptocurrencies using electronic wallets like Ledgers and Trezors, or even create paper wallets. The wallet, once created, needs to be funded, normally by purchasing crypto from an exchange.
- Login to BetOnline and navigate to the cashier.
- Click on Deposit and select your preferred cryptocurrency.
- Enter your desired deposit amount in U.S. dollars, include your Promotional Code if applicable, and click “Next.”
- Only send the amount displayed on the cashier screen from your crypto wallet to BetOnline’s using the alpha-numeric address provided by the cashier. The address can only be used once and has an expiration time so don’t wait too long or your deposit may show delays.
- A “transaction completed” message will appear on the deposit page when done. It may take up to two hours to complete but is usually within minutes.